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Key Personnel
John Antonuk
Robert Stright
Charles H. King
Lawrence Koppelman
Randall Vickroy
Donald T.
Spangenberg, Jr.
John B. Adger,
Jr.
Alan J. Salzberg
Christine
Kozlosky
Dennis
Kalbarczyk
Mark Lautenschlager
Phillip S. Teumim
Yavuz Arik
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Randy Vickroy
has served as Liberty’s lead financial consultant, beginning with
Liberty more than ten years ago. His professional experience in the
finance area spans 25 years, with the first 12 coming as a financial
manager for a large combined electricity and gas utility.
Randy has performed engagements for Liberty in over 25 states. His
work with Liberty spans electricity, natural gas, and
telecommunications utilities, as well as competitive suppliers.
His work for Liberty has covered the following subject areas:
- Corporate finance and treasury management
- Capital markets and financing vehicles
- Utility-industry restructuring
- Utility rates and pricing
- Non-utility lines of business and
affiliations
- Strategy development and planning
- Asset valuations, acquisitions, and
divestiture
- Capital and expense budgeting and
forecasting
- Corporate resource allocation; and
financial and economic analysis
- Project financing
- Holding-company structure and operations
- Utility financial separation
- Financial controls
- Cost allocation and assignment
- Credit management and analysis
Randy holds an M.B.A., Finance, from the
University of Denver and a bachelor’s degree in business
administration from Monmouth College
Project
Highlights
Randy examined financial management, capital
structure, credit, and ratemaking issues in a focused examination of
holding company, utility, and affiliate operations at NUI, a New Jersey natural-gas distribution company. He examined similar
issues in Liberty’s focused examination of PSE&G, another New Jersey
electricity and natural-gas supplier and one of the country’s
largest. He evaluated the holding company’s consolidated finance
functions to determine whether the financial integrity, flexibility,
and cost of capital of the regulated utility had been adversely
affected by the activities of diversified affiliates. The focus of
the work included long-term financing, cash management, direct and
indirect credit support mechanisms, investor relations, and all
transactions between and among the affiliates. Randy also served as
Liberty’s finance lead in recent affiliate and competitive-service
audits of all four of New Jersey’s electric utilities.
Randy played a key role in Liberty’s landmark
review and analysis of financial and operating relationships and
affiliate relations among Virginia Power, its parent, Dominion Resources, and
other affiliates. He was responsible for reviewing utility and
non-utility financing, governance, and the economic impacts of
holding-company and affiliate activities on utility operations and
costs.
Randy has examined finance and affiliate
transactions at four other natural-gas distribution companies, and
at two other electricity distribution utilities. As part of
Liberty’s examination of Commonwealth Edison, another of the
country’s largest utilities, he undertook an in-depth analysis of
capital budgeting, resource allocation, project management,
expenditure levels and rate-base impacts of operations leading up
to, and in response to a series of major outages in Chicago
during extreme summer weather conditions.
Randy has also
conducted a number of financial and rate evaluations and analyses in
the telecommunications industry. He served as a lead consultant in
Liberty’s review of the financial integrity and earnings of Verizon
New Jersey’s local-service operations. He performed a comprehensive
analysis of the financial status of Verizon New Hampshire, in order
to assist in determining rate base, rates of return and appropriate
adjustments for the test year. He has reviewed financial functions
at Verizon local-exchange operations in Pennsylvania and the
District of Columbia.
Randy has also assisted utilities in a number
of strategic financial areas, including restructuring, procurement
of third-party supply to provide default service, financial
planning, acquisition and divestiture strategy, cost of capital,
earnings, monitoring, and regulatory reporting.
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